The document provides information about an oil and gas exploration simulation game called International PetroChallenge2010. Players take on the role of an exploration team with the goal of maximizing financial returns through discovering and developing oil and gas reserves. The simulation involves multiple tasks such as identifying sedimentary basins using surveys, bidding on exploration licenses, partnering with other teams, drilling exploration wells, and calculating the value of any discovered resources. Players can learn about key aspects of the oil and gas industry through participating in the simulation.
Opito petrochallenge 2010 offshore presentationMeghan Clark
The document provides an introduction to oil and gas exploration through a simulation game. It outlines the objectives to maximize return on investment and credibility points. It describes key steps like identifying sedimentary basins using surveys, bidding on licenses, partnering through farm-ins and farm-outs to spread risk, drilling exploration wells using appropriate rigs and service providers, and applying for additional funds. The goal is to discover and appraise hydrocarbon volumes through repeated exploration cycles to determine proven reserves.
This document provides information about an oil and gas exploration simulation game called PetroChallenge IPAA 2011. The simulation allows participants to take on the role of an exploration team with the goal of maximizing returns through various exploration and development activities. These include identifying sedimentary basins using surveys, bidding on licenses, acquiring partnerships through farm-ins and farm-outs, drilling exploration wells using various rigs and service providers, analyzing drilling results, and calculating field value. The game aims to enhance understanding of the full petroleum exploration and field development process.
Offshore - Dubai -Introduction to ExplorationMeghan Clark
The team is given $200 million to explore for oil and gas in a new petroleum province through activities like acquiring surveys, locating sedimentary basins, bidding on blocks, drilling exploratory wells, and seeking partnerships. The goal is to maximize the net value of discovered hydrocarbons minus all costs. Knowledge points are earned for correct decisions and can be used to get funds or bid on better blocks in future licensing rounds. The document provides guidance on the exploration and field development process.
The document provides instructions for an oil and gas exploration simulation game. Players take on the role of an exploration team tasked with finding and developing oil and gas reserves. Key aspects of the simulation include acquiring seismic data, identifying potential reserves, drilling exploration wells, calculating costs and revenues, partnering with other teams, and applying for additional funds. The ultimate goal is to maximize the net value of discovered hydrocarbons while managing costs and credibility points.
The document provides instructions for an oil exploration simulation game. Players take on the role of an exploration team tasked with discovering oil and gas reserves through licensing blocks, acquiring surveys, drilling wells, and managing finances. The goal is to maximize profit by finding hydrocarbons, developing any discoveries, and hedging risk through partnerships while balancing costs. Players must make strategic decisions around exploration, appraisal, development, and joint ventures to be successful.
The document provides instructions for an oil exploration simulation game. Players take on the role of an exploration team with $200 million to discover and develop oil fields. The goal is to maximize net value from oil sales while minimizing costs. Players must locate promising sedimentary basins, acquire oil exploration licenses, conduct seismic surveys, drill exploratory wells, develop any oil discoveries, and carry out corporate social responsibility projects to earn credibility points to improve their chances of winning new licenses. Farming in and farming out partnerships allow players to share risks and costs with other teams.
The document provides information about an oil and gas simulation game. It describes challenges around finding sedimentary basins, bidding on exploration licenses, acquiring 3D seismic data, developing well plans, and designing production facilities. The goal is to maximize the net value of discovered oil and gas fields by making correct decisions that balance costs, production, the environment, and risk.
The document provides information about using an oil and gas simulation game to learn about the oil and gas industry. It describes various challenges in the simulation that involve exploring for oil and gas, including identifying sedimentary basins, acquiring seismic data, bidding on exploration licenses, drilling wells, and planning production facilities. The goal is to maximize the net value of discovered oil and gas fields while gaining experience in decision making, teamwork, and evaluating economic and environmental factors.
Opito petrochallenge 2010 offshore presentationMeghan Clark
The document provides an introduction to oil and gas exploration through a simulation game. It outlines the objectives to maximize return on investment and credibility points. It describes key steps like identifying sedimentary basins using surveys, bidding on licenses, partnering through farm-ins and farm-outs to spread risk, drilling exploration wells using appropriate rigs and service providers, and applying for additional funds. The goal is to discover and appraise hydrocarbon volumes through repeated exploration cycles to determine proven reserves.
This document provides information about an oil and gas exploration simulation game called PetroChallenge IPAA 2011. The simulation allows participants to take on the role of an exploration team with the goal of maximizing returns through various exploration and development activities. These include identifying sedimentary basins using surveys, bidding on licenses, acquiring partnerships through farm-ins and farm-outs, drilling exploration wells using various rigs and service providers, analyzing drilling results, and calculating field value. The game aims to enhance understanding of the full petroleum exploration and field development process.
Offshore - Dubai -Introduction to ExplorationMeghan Clark
The team is given $200 million to explore for oil and gas in a new petroleum province through activities like acquiring surveys, locating sedimentary basins, bidding on blocks, drilling exploratory wells, and seeking partnerships. The goal is to maximize the net value of discovered hydrocarbons minus all costs. Knowledge points are earned for correct decisions and can be used to get funds or bid on better blocks in future licensing rounds. The document provides guidance on the exploration and field development process.
The document provides instructions for an oil and gas exploration simulation game. Players take on the role of an exploration team tasked with finding and developing oil and gas reserves. Key aspects of the simulation include acquiring seismic data, identifying potential reserves, drilling exploration wells, calculating costs and revenues, partnering with other teams, and applying for additional funds. The ultimate goal is to maximize the net value of discovered hydrocarbons while managing costs and credibility points.
The document provides instructions for an oil exploration simulation game. Players take on the role of an exploration team tasked with discovering oil and gas reserves through licensing blocks, acquiring surveys, drilling wells, and managing finances. The goal is to maximize profit by finding hydrocarbons, developing any discoveries, and hedging risk through partnerships while balancing costs. Players must make strategic decisions around exploration, appraisal, development, and joint ventures to be successful.
The document provides instructions for an oil exploration simulation game. Players take on the role of an exploration team with $200 million to discover and develop oil fields. The goal is to maximize net value from oil sales while minimizing costs. Players must locate promising sedimentary basins, acquire oil exploration licenses, conduct seismic surveys, drill exploratory wells, develop any oil discoveries, and carry out corporate social responsibility projects to earn credibility points to improve their chances of winning new licenses. Farming in and farming out partnerships allow players to share risks and costs with other teams.
The document provides information about an oil and gas simulation game. It describes challenges around finding sedimentary basins, bidding on exploration licenses, acquiring 3D seismic data, developing well plans, and designing production facilities. The goal is to maximize the net value of discovered oil and gas fields by making correct decisions that balance costs, production, the environment, and risk.
The document provides information about using an oil and gas simulation game to learn about the oil and gas industry. It describes various challenges in the simulation that involve exploring for oil and gas, including identifying sedimentary basins, acquiring seismic data, bidding on exploration licenses, drilling wells, and planning production facilities. The goal is to maximize the net value of discovered oil and gas fields while gaining experience in decision making, teamwork, and evaluating economic and environmental factors.
This document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas resources. The tasks include locating sedimentary basins using surveys, bidding on exploration licenses, acquiring seismic data, drilling exploration and appraisal wells to evaluate discoveries, and developing field production plans to maximize resource recovery. The goal is to make economically viable decisions that consider costs, risks, environmental factors, and partnerships with other teams.
OilSim is a simulation game that teaches about the oil and gas exploration process. Players take on the role of an exploration team with the goal of maximizing return on investment. The simulation involves bidding on exploration licenses, interpreting seismic data to find prospects, drilling exploration wells, testing any discoveries, and developing oil fields. Players must manage costs, risks, and environmental concerns at each stage of exploration.
The document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas fields. The tasks include identifying sedimentary basins using surveys, bidding on exploration licenses, partnering to share risks and costs, 3D seismic analysis, exploration drilling, appraising discoveries, and developing field production plans. The goal is to maximize the net value of discoveries through correct decisions and efficient operations while gaining experience in the upstream process.
The document provides guidance for an exploration team tasked with maximizing return on investment from a new petroleum province. It outlines various challenges involved in the exploration and development process, including acquiring surveys, identifying sedimentary basins, bidding on licenses, partnering with other teams, drilling wells, and testing discoveries to prove reserves. The ultimate goal is to apply successful strategies to increase the net value of oil and gas fields discovered while minimizing costs.
The document provides instructions for an exploration team on their tasks in finding and drilling for new petroleum reserves. The team's objective is to maximize return on investment. They are given $50 million to start and can apply for more funds later. Teams explore areas, identify sedimentary basins using surveys, bid on exploration licenses, drill wells using rigs, and can partner with other teams to share risks and rewards. The goal is to discover oil and gas fields and achieve the highest profit relative to funds received.
The document provides information and instructions for an exploration team participating in an online oil and gas exploration simulation. It outlines the team's objectives to find reserves and maximize returns. It also describes various exploration activities the team can undertake like acquiring surveys, identifying basins, bidding on licenses, partnering with other teams, drilling wells, and testing for oil and gas discoveries. The goal is to make successful exploration decisions and have the highest return on investment compared to other participating teams.
The document provides instructions for participants in an oil and gas simulation game called OilSim. It outlines three main challenges: 1) finding sedimentary basins using magnetic and gravity surveys, 2) identifying and bidding on the most promising exploration blocks near a basin, and 3) reducing risk through partnerships while acquiring seismic data and drilling exploration/appraisal wells. The goal is to make economically viable hydrocarbon discoveries and maximize the net value of license blocks.
Updated op ex power-point 22nd march 2011Meghan Clark
This document provides an overview and agenda for a three-part learning simulation about the oil and gas industry called OilSim. The simulation uses a team-based challenge where participants take on the role of an exploration team tasked with finding and drilling for new oil reserves. It outlines the objectives to learn about exploration, drilling, partnerships, licensing rounds, and applying business strategies. The agenda includes challenges to find sedimentary basins, identify promising blocks, form partnerships, conduct drilling, and participate in additional licensing rounds. It describes the evaluation of teams based on return on investment and credibility points awarded for correct decisions.
The document provides an overview of the tasks and objectives for an onshore oil and gas exploration simulation. Participants will take on the role of an exploration team tasked with finding and drilling for reserves to maximize return on investment. The challenges include identifying sedimentary basins using surveys, bidding on exploration licenses, acquiring partnerships through farm-ins and farm-outs, and selecting drilling rigs to explore blocks. The goal is to learn about the exploration process and industry while earning credibility points to demonstrate skills.
The document provides an overview of an onshore oil and gas exploration simulation. Players take on the role of an exploration team tasked with finding and drilling for reserves to maximize return on investment. The simulation involves completing challenges such as identifying sedimentary basins using surveys, bidding on exploration licenses, and partnering with other teams to share risks and costs. Players can earn credibility points for correct decisions which are considered when applying for funds or bidding on blocks. The goal is to learn about the key stages and decisions involved in onshore oil and gas exploration.
The document provides an overview of an onshore oil and gas exploration simulation game. It outlines the key challenges players will face, including finding sedimentary basins using surveys, bidding on exploration licenses, and partnering to spread drilling risks. It explains concepts like source rocks, traps, seismic data interpretation, and farm-in/farm-out agreements. The goal is to maximize return on investment through successful exploration efforts and credibility points reward good decisions.
The document provides an introduction to onshore petroleum exploration. It outlines the objectives of finding new reserves and maximizing return on investment. It discusses finances, credibility points, licenses, partnerships, seismic surveys, drilling, and applying for more funds. The overall goal is to learn about the exploration process through simulations and make critical decisions to increase value and return on investment.
The document provides an overview of the OilSim simulation game. Players take on the role of an exploration team tasked with finding and drilling for new oil reserves. The simulation involves 3 challenges: 1) locating sedimentary basins using surveys, 2) bidding on exploration licenses, and 3) partnering and drilling exploratory wells. It explains gameplay mechanics like available finances, knowledge points that reward correct decisions, and calculating return on investment. The goal is for players to learn about the oil and gas industry through practical experience in the simulation.
Here are the key steps to apply for more funds in OilSim:
1. Click on the "Apply for More Funds" tab
2. Choose how much additional cash you want to apply for, up to a maximum of $200 million
3. Answer multiple choice questions about the OilSim simulation, with each correct answer worth 1 CP
4. Your CPs determine how much cash you receive and whether you keep the CPs:
- All correct answers gets full cash and you keep CPs
- One wrong answer gets full cash but you keep half CPs
- Two wrong answers gets half cash and you lose all CPs
- All wrong answers gets no cash and you lose all CPs
5
Here are the key steps to follow based on the exploration results:
1. Reprocess seismic data for your discovery to better define the reservoir.
2. Drill at least one appraisal well into your largest discovery to determine if it can be commercially developed based on the size of recoverable reserves.
3. If the appraisal well looks promising, consider drilling a second appraisal well to further assess the field size.
4. Once you have a better understanding of the field size from appraisal drilling, evaluate if development costs can be recovered from future production revenues based on current oil/gas prices.
5. If the field is economically viable, proceed with field development planning. Otherwise, consider selling the license
Offshore 3.4 presentation intro to explorationMeghan Clark
The team is tasked with exploring a new petroleum province with $200 million. They must locate sedimentary basins using magnetic and gravity surveys, identify promising blocks and bid on licenses. Partnerships can be formed through farm-ins and farm-outs to spread risk. Wells are drilled to find oil and gas, with tests conducted to prove reserves. Additional funds can be applied for, with the goal of maximizing net value through exploration and development.
Offshore 3.4 presentation intro to explorationMeghan Clark
The team is tasked with exploring a new petroleum province with $200 million. They must locate sedimentary basins using magnetic and gravity surveys, identify promising blocks and bid on licenses. Partnerships can be formed through farm-ins and farm-outs to spread risk. Wells are drilled using rented rigs to find oil and gas reserves. Additional funds can be applied for by answering knowledge questions. The overall goal is to maximize the net value of discovered hydrocarbons minus costs.
This document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas resources. The tasks include identifying sedimentary basins from surveys, bidding on exploration licenses, acquiring seismic data, drilling exploration and appraisal wells to evaluate discoveries, and developing field production plans to maximize resource recovery. The goal is to make economically viable decisions that consider costs, risks, environmental factors, and partnerships with other teams.
The exploration team must find oil reserves and maximize return on investment. They will study surveys to identify sedimentary basins, then bid on licenses for promising blocks. The team must also partner with others to share risks and costs by farming out a portion of their license or farming into other licenses. Finally, the team will need to choose a drilling rig to explore their block and begin assessing whether it contains oil.
The document discusses various aspects of oil and gas exploration, including:
1) Finding sedimentary basins using magnetic and gravity surveys and submitting the coordinates of three basin centers.
2) Identifying the most promising oil and gas blocks and bidding on licenses to drill exploration wells.
3) Choosing corporate social responsibility projects to increase credibility points to improve chances of winning licenses.
4) Farming into other licenses by investing a percentage in exchange for a share of future revenues.
The document discusses various aspects of oil exploration and production, including:
1) Teams are tasked with finding sedimentary basins using magnetic and gravity surveys to earn credibility points.
2) Teams then bid on blocks near identified basins and choose corporate social responsibility projects to increase points for license awards.
3) Licensed blocks can be farmout to acquire funding and farmin to other blocks to spread risk, with the goal of drilling exploration and appraisal wells to prove oil reserves.
The document provides an overview of a simulation for an oil and gas exploration team. The team's task is to maximize return on investment by exploring a new petroleum province. They start with $200 million and can apply for more funds. The simulation involves multiple phases: finding basins from surveys, bidding on licenses, drilling exploration wells, testing discoveries, and applying for additional funding if needed. The goal is to accumulate knowledge points through accurate decisions and have the highest return on investment to win the simulation.
This document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas resources. The tasks include locating sedimentary basins using surveys, bidding on exploration licenses, acquiring seismic data, drilling exploration and appraisal wells to evaluate discoveries, and developing field production plans to maximize resource recovery. The goal is to make economically viable decisions that consider costs, risks, environmental factors, and partnerships with other teams.
OilSim is a simulation game that teaches about the oil and gas exploration process. Players take on the role of an exploration team with the goal of maximizing return on investment. The simulation involves bidding on exploration licenses, interpreting seismic data to find prospects, drilling exploration wells, testing any discoveries, and developing oil fields. Players must manage costs, risks, and environmental concerns at each stage of exploration.
The document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas fields. The tasks include identifying sedimentary basins using surveys, bidding on exploration licenses, partnering to share risks and costs, 3D seismic analysis, exploration drilling, appraising discoveries, and developing field production plans. The goal is to maximize the net value of discoveries through correct decisions and efficient operations while gaining experience in the upstream process.
The document provides guidance for an exploration team tasked with maximizing return on investment from a new petroleum province. It outlines various challenges involved in the exploration and development process, including acquiring surveys, identifying sedimentary basins, bidding on licenses, partnering with other teams, drilling wells, and testing discoveries to prove reserves. The ultimate goal is to apply successful strategies to increase the net value of oil and gas fields discovered while minimizing costs.
The document provides instructions for an exploration team on their tasks in finding and drilling for new petroleum reserves. The team's objective is to maximize return on investment. They are given $50 million to start and can apply for more funds later. Teams explore areas, identify sedimentary basins using surveys, bid on exploration licenses, drill wells using rigs, and can partner with other teams to share risks and rewards. The goal is to discover oil and gas fields and achieve the highest profit relative to funds received.
The document provides information and instructions for an exploration team participating in an online oil and gas exploration simulation. It outlines the team's objectives to find reserves and maximize returns. It also describes various exploration activities the team can undertake like acquiring surveys, identifying basins, bidding on licenses, partnering with other teams, drilling wells, and testing for oil and gas discoveries. The goal is to make successful exploration decisions and have the highest return on investment compared to other participating teams.
The document provides instructions for participants in an oil and gas simulation game called OilSim. It outlines three main challenges: 1) finding sedimentary basins using magnetic and gravity surveys, 2) identifying and bidding on the most promising exploration blocks near a basin, and 3) reducing risk through partnerships while acquiring seismic data and drilling exploration/appraisal wells. The goal is to make economically viable hydrocarbon discoveries and maximize the net value of license blocks.
Updated op ex power-point 22nd march 2011Meghan Clark
This document provides an overview and agenda for a three-part learning simulation about the oil and gas industry called OilSim. The simulation uses a team-based challenge where participants take on the role of an exploration team tasked with finding and drilling for new oil reserves. It outlines the objectives to learn about exploration, drilling, partnerships, licensing rounds, and applying business strategies. The agenda includes challenges to find sedimentary basins, identify promising blocks, form partnerships, conduct drilling, and participate in additional licensing rounds. It describes the evaluation of teams based on return on investment and credibility points awarded for correct decisions.
The document provides an overview of the tasks and objectives for an onshore oil and gas exploration simulation. Participants will take on the role of an exploration team tasked with finding and drilling for reserves to maximize return on investment. The challenges include identifying sedimentary basins using surveys, bidding on exploration licenses, acquiring partnerships through farm-ins and farm-outs, and selecting drilling rigs to explore blocks. The goal is to learn about the exploration process and industry while earning credibility points to demonstrate skills.
The document provides an overview of an onshore oil and gas exploration simulation. Players take on the role of an exploration team tasked with finding and drilling for reserves to maximize return on investment. The simulation involves completing challenges such as identifying sedimentary basins using surveys, bidding on exploration licenses, and partnering with other teams to share risks and costs. Players can earn credibility points for correct decisions which are considered when applying for funds or bidding on blocks. The goal is to learn about the key stages and decisions involved in onshore oil and gas exploration.
The document provides an overview of an onshore oil and gas exploration simulation game. It outlines the key challenges players will face, including finding sedimentary basins using surveys, bidding on exploration licenses, and partnering to spread drilling risks. It explains concepts like source rocks, traps, seismic data interpretation, and farm-in/farm-out agreements. The goal is to maximize return on investment through successful exploration efforts and credibility points reward good decisions.
The document provides an introduction to onshore petroleum exploration. It outlines the objectives of finding new reserves and maximizing return on investment. It discusses finances, credibility points, licenses, partnerships, seismic surveys, drilling, and applying for more funds. The overall goal is to learn about the exploration process through simulations and make critical decisions to increase value and return on investment.
The document provides an overview of the OilSim simulation game. Players take on the role of an exploration team tasked with finding and drilling for new oil reserves. The simulation involves 3 challenges: 1) locating sedimentary basins using surveys, 2) bidding on exploration licenses, and 3) partnering and drilling exploratory wells. It explains gameplay mechanics like available finances, knowledge points that reward correct decisions, and calculating return on investment. The goal is for players to learn about the oil and gas industry through practical experience in the simulation.
Here are the key steps to apply for more funds in OilSim:
1. Click on the "Apply for More Funds" tab
2. Choose how much additional cash you want to apply for, up to a maximum of $200 million
3. Answer multiple choice questions about the OilSim simulation, with each correct answer worth 1 CP
4. Your CPs determine how much cash you receive and whether you keep the CPs:
- All correct answers gets full cash and you keep CPs
- One wrong answer gets full cash but you keep half CPs
- Two wrong answers gets half cash and you lose all CPs
- All wrong answers gets no cash and you lose all CPs
5
Here are the key steps to follow based on the exploration results:
1. Reprocess seismic data for your discovery to better define the reservoir.
2. Drill at least one appraisal well into your largest discovery to determine if it can be commercially developed based on the size of recoverable reserves.
3. If the appraisal well looks promising, consider drilling a second appraisal well to further assess the field size.
4. Once you have a better understanding of the field size from appraisal drilling, evaluate if development costs can be recovered from future production revenues based on current oil/gas prices.
5. If the field is economically viable, proceed with field development planning. Otherwise, consider selling the license
Offshore 3.4 presentation intro to explorationMeghan Clark
The team is tasked with exploring a new petroleum province with $200 million. They must locate sedimentary basins using magnetic and gravity surveys, identify promising blocks and bid on licenses. Partnerships can be formed through farm-ins and farm-outs to spread risk. Wells are drilled to find oil and gas, with tests conducted to prove reserves. Additional funds can be applied for, with the goal of maximizing net value through exploration and development.
Offshore 3.4 presentation intro to explorationMeghan Clark
The team is tasked with exploring a new petroleum province with $200 million. They must locate sedimentary basins using magnetic and gravity surveys, identify promising blocks and bid on licenses. Partnerships can be formed through farm-ins and farm-outs to spread risk. Wells are drilled using rented rigs to find oil and gas reserves. Additional funds can be applied for by answering knowledge questions. The overall goal is to maximize the net value of discovered hydrocarbons minus costs.
This document provides an overview of OilSim, a simulation for the oil and gas upstream value chain. It describes the learning objectives, challenges, and tasks involved in exploring for and developing oil and gas resources. The tasks include identifying sedimentary basins from surveys, bidding on exploration licenses, acquiring seismic data, drilling exploration and appraisal wells to evaluate discoveries, and developing field production plans to maximize resource recovery. The goal is to make economically viable decisions that consider costs, risks, environmental factors, and partnerships with other teams.
The exploration team must find oil reserves and maximize return on investment. They will study surveys to identify sedimentary basins, then bid on licenses for promising blocks. The team must also partner with others to share risks and costs by farming out a portion of their license or farming into other licenses. Finally, the team will need to choose a drilling rig to explore their block and begin assessing whether it contains oil.
The document discusses various aspects of oil and gas exploration, including:
1) Finding sedimentary basins using magnetic and gravity surveys and submitting the coordinates of three basin centers.
2) Identifying the most promising oil and gas blocks and bidding on licenses to drill exploration wells.
3) Choosing corporate social responsibility projects to increase credibility points to improve chances of winning licenses.
4) Farming into other licenses by investing a percentage in exchange for a share of future revenues.
The document discusses various aspects of oil exploration and production, including:
1) Teams are tasked with finding sedimentary basins using magnetic and gravity surveys to earn credibility points.
2) Teams then bid on blocks near identified basins and choose corporate social responsibility projects to increase points for license awards.
3) Licensed blocks can be farmout to acquire funding and farmin to other blocks to spread risk, with the goal of drilling exploration and appraisal wells to prove oil reserves.
The document provides an overview of a simulation for an oil and gas exploration team. The team's task is to maximize return on investment by exploring a new petroleum province. They start with $200 million and can apply for more funds. The simulation involves multiple phases: finding basins from surveys, bidding on licenses, drilling exploration wells, testing discoveries, and applying for additional funding if needed. The goal is to accumulate knowledge points through accurate decisions and have the highest return on investment to win the simulation.
The document provides instructions for an oil exploration simulation game. Players take on the role of an exploration team tasked with maximizing return on investment by discovering oil fields. Key steps include identifying basins from surveys, bidding on exploration licenses, ordering drilling rigs, drilling wells to discover oil fields, and conducting production tests to determine proven reserves. The goal is to end with the highest return on investment compared to initial funds.
The document provides an overview of OilSim Greenland 2008, a simulation where participants take on the role of an exploration team for a new petroleum province. The objective is to maximize return on investment. Participants start with $200 million and can apply for more funds. Through various tasks and phases, participants work to discover oil fields by interpreting surveys, bidding on licenses, partnering with other teams, ordering rigs, drilling wells, and testing any discoveries. The best performing teams will receive bonuses based on their return on investment.
The document provides an overview of OilSim Greenland 2007, a simulation where participants take on the role of an oil exploration team. The objective is to maximize return on investment by discovering oil fields. The simulation involves multiple phases - finding oil basins, bidding on licenses, partnering with other teams, ordering rigs, drilling exploratory wells, and appraising any oil discoveries. Performance is measured based on earnings from oil fields minus costs, with the team achieving the highest return on investment declared the winner.
Presentation for PetroChallenge Faroe Islands 2010simprentisfo
This document outlines the objectives, scenario, and challenges for a simulation game about petroleum exploration. Players take on the role of an exploration team sent to an island to discover oil and gas. They are given $200 million to spend on surveys, licenses, drilling, and investing. The goal is to earn the most Credibility Points by meeting several challenges: 1) Locating 3 sedimentary basins, 2) Identifying the 3 most promising blocks of land, and 3) Finding and proving oil and gas reserves. Players must acquire seismic data, bid on land, sell portions of licenses, drill exploration/appraisal wells, and ultimately sell their license to determine if reserves are commercially viable. The team with the highest total points
Bite size guide for PetroChallenge Faroe Islands 2010simprentisfo
This document provides guidance on three challenges for an oil exploration simulation:
1) Initial screening - Submit coordinates for 3 basin centres for up to 100 credibility points.
2) Prospecting - Select 3 licensing blocks and well commitments based on environmental, geological, and seismic data for up to 300 credibility points.
3) Exploration - Partner by farming out licenses, drill exploration wells, appraise discoveries, and sell blocks to maximize value for up to 300 credibility points.
Kosmos is an international oil and gas exploration and production company based in Dallas, Texas. They have a track record of success in deepwater exploration, such as discovering the large Jubilee Field in Ghana. The document outlines Kosmos' focus on under-explored areas and their self-funded exploration and appraisal drilling program. It then describes the typical 6-phase process for oil and gas exploration, which includes entering a new market, exploring a block through surveys, undertaking exploration drilling, appraisal drilling if discoveries are made, development if a reservoir is deemed commercially viable, and ultimately production. Key activities, opportunities, and challenges of each phase are outlined.
Similar to Petro challengefinal 2010 ppt presentation (13)
2. Purpose You are an exploration team in charge of a new petroleum province. Multidisciplinary challenge: Enhance your overall understanding of petroleum exploration and field development. Create a Return on Investment
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4. You will learn Where and how to find hydrocarbons Licensing rounds Farm-in and Partnerships - negotiations Drilling rigs Sub-contractors Environmental issues Economically viable volumes Team work, Critical decision making, analytical skills Multi-tasking
9. Map Columns e.g C1 to C112 Rows e.g. R1 to R144 Block Blocks are dividedinto 64 smaller cells e g. R52C110
10. First task Challenge: Find three sedimentary basins Procedure: Buy and study magnetic and gravimetric surveys Submit the coordinates for each centre Column and row number for each basin centre
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13. Magnetic surveys Magnetic surveys show anomalies in in the expected magnetic field of the Earth in particular areas. Sedimentary rocks in the basins have a lower concentration of magnetic materials and lower magnetic field than the surrounding crystalline rocks.
17. Survey analysis Locate edges of the continous basin structure Locate the diagonals and thus basin centre
18. Centre may not be the same Example: Top basin on both maps Calculate the midpoint between the gravimetric and magnetic centres found = C55 and R105 C50 R100 C60 R110
19. Centre Midpoint calculation 3 centres – one Centre midpoint for each basin Example: C55, R105 Solve before deadline. All submissions are evaluated after the deadline (and not before). You may get 0-100 KPs. All three centres must be located to get full knowledge points.
21. Task 2 license round The government has decided to put the blocks in one of the basins on offer. Challenge: Identify the 3 most promising blocks and offer an amount for each of them. Licensing area
22. Task 2 license round Any restrictions involved?- Spawning grounds What are we looking for? - Prospects Where do we find prospects? In basins, where hydrocarbons have been 1) are produced and 2) trapped How do I find them? - Geoscientific analysis 2D seismic, Common Risk Segment maps
23. Source and migration 2. MIGRATION ROCK where hydrocarbons are driven through 3. CAP ROCK Impermeable rock that stops migration of hydrocarbons 1. SOURCE ROCK where organic material is put under sufficient pressure 4. PROSPECT
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25. Environmentally Sensitive areas Red areas You will not be awarded blocks that contain any red spots (spawning grounds) Blue areas Blocks in area may be awarded
26. Common Risk Segment CRS. Common Risk Segment surveys tell you about the probability of a structure in the block/cell containing oil or gas Surface Layer 3 Eocene 1500m below the seabed Layer 2 Paleocene 2500m below the seabed Layer 1 Cretaceous 3500m below the seabed
27. 2D Seismic surveys Traps can be found with seismic surveys and sound waves bouncing off structures 2D seismic survey is a vertical cross section of the geological layers along either a column or a row
47. Task 2 solved Message sent to all Results and KPs One license per team
48. Task 3 Exploration Drilling The headquarters of your company has evaluated the license that you were awarded. Although the possibility of finding oil is fair, the costs involved are large. Thus the headquarters want you to spread the risk. Challenge: You shall farm-out minimum 20% from your license – and farm-in as much as you can in other good licenses.
49. Task 3a Partnerships Acquire 3D Seismic interpretations for the block you operate, and study the results from the licensing round Farm-out: Get others to invest 20% or more in your license – you can send them surveys Farm-in: Send offers to other teams to buy shares in their viable licenses. Submit an offer for each viable license, with amount offered and share wanted in whole %.
51. 3D Seismicin OilSim Prospects are no guarantee of oil or gas Layer 3 Eocene Layer 2 Paleocene Layer 1 Cretaceous
52. Partnerships Spread the risk: e.g Investing in other blocks divides the risks amongst all partners, much more preferable than keeping 100% of one field and all the risk. Increase probability of profit: investment in only 1 field which could be a dry prospect is possible, whereas the likelihood of investing in 5 fields which are all dry is unlikely.
58. Farm-in license OWNER decides whether to ACCEPT or REJECT the offer Partnerships established every time a license owner accepts an offer. Overview: On the main page, you can see all licenses. 1) licenses you operate, 2) licenses you have invested in, and other licenses.
59. Farm-in All your farm-in offers to other teams are shown under “Investing” on the right-hand side of the homepage . This is where a team offers investments to other teams for a % of their blocks
60. Partnerships Partners pay a proportional share of all future costs incurred by the partnership Partners receive a proportional share of the net proceedings from any oil or gas found on the license. The operator team makes all decisions regarding acquiring 3D seismics, drilling of wells and testing of wells. Information: partners in a block can access info about drilled wells and discovered oil and gas fields.
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62. Choose Rig Choose the right rigs for your water depths Jack-up rigs for shallow waters Semi-submersible rigs for middle waters Drillships for the deepest waters Rig cost = drilling days * day rate
63. Rigs Few: limited number of rigs available. If you get one: start using it within 20 minutes. If you don’t: wait in a queue, if another team is using the rig. Price can change: rig day rates are dynamic.
65. Service Providers Upto 9 Star quality- Good: normally costs more Bad: cheaper, but reliability is low, so you risk extra drilling time and extra costs
66. Environmental Impact Assessment EIA survey: more knowledge about the area. Less probability for drilling problems. Less severe consequences if you run into problems.
67. Drill Position EIA: enviromental impact analysis shows where not to drill. Place your mouse where to drill
68. Penalties & Fines Certain problems can occur if Service Provider Selection is poor quality Other penalties can occur if you drill in areas indicated as problematic in the Environmental Impact Assessment As in real life, problems can occur randomly and these are also applied with fines levied accordingly.
72. Drilling Result Proven volume (MBOE) counts Test may increase proven volume Remember to tick the boxes!
73. Testing Only if you discover a field – find Oil or Gas You decide whether you want more information about that field More information by doing a production test (and other tests) Tests costs: Tests take 10 days per field. Tests have the same day-rate as the drilling if you use the same providers.
77. Value calcuation 25% of 8 MBOE @ $50 12% $39.9M Expected costs if you developed thefield (capex) andproducedthe oil (opex) If total expenses arehigher than the salesvalue, the value of thelicense is zero
79. Narrowing ranges First well: 0 to 1572 MBOE (after drilling) 11 to 1266 MBOE (after testing) Second well: 25 to 1033 MBOE (after drilling) 34 to 910 MBOE (after testing) Only proven MBOE counts
80. Apply For More Funds Click on Apply for More Funds Tab. 1 KP for each $100,000 applied for. Answer the questions: All correct gives cash and you can keep KPs. One wrong gives cash and you keep ½ of your KPs. Two wrong gives ½ cash and you lose all KPs. All wrong, you get no cash and lose all KPs. Expensive money if less than 10 knowledge points: Apply for cash and be fined $5million for each $20million requested.
81. Continue... Narrow uncertainty: Drill appraisal wells to get proven volumes Drill into other prospects to find more proven volumes. Farm-in and -out: Get into other good blocks. Two additional licensing rounds: Repeat the processes. Money: Apply for more money, if you run out of cash.
Editor's Notes
The long and bumpy road for oil from the underground to your tank, is called the oil and gas industry value chain.The value chain is divided further into these parts:Upstream is about getting the hydrocarbons up from the ground, and comprises of activities related to exploration, field development, construction, production and abandonment. By its nature, the exploration phase is common for both oil and gas, but soon afterwards, the oil and gas value chain will segregate into two parallel value chains.Midstream is about transportation and storage, as well as oil refining and gas processing.Downstream is about distribution and retail sales of gas, fuels and lubricants, plastics and other hydrocarbon derivatives to industrial and consumer markets.OilSim Exploration is all about the exploration part of the oil and gas industry. Exploration is about finding the hydrocarbons and proving that they are in sufficient quantities to start producing. OilSim Field development and Production is about actually taking the oil or gas out of the subsurface.
So this is what it looks like when you are trying to find the midpoints for the 3 basin centres.
When you have found out where you think the basin centres are, you enter your centre coordinates into the form on the home page.When you press Submit, the simulation receives your guesses.If there is a green line across the right hand side of the page when you have submitted, the coordinates have been registered in the system.You can change your mind as long as the deadline has not passed and enter altered coordinates and press the Update button below the form.
In real life to assess the exploration risks and prospects on a bain scale, geologists use “Basin and Play Fairway Analysis” and is conducted using special GIS software and other specialist programmes. In OilSim this analysis has been simplified into one Common risk segment map to show the probability of hydrocarbons in an area. The geologists ask a number of questions to determine the probability of finding oil or gas, including:Is there a sedimentary basin and a migration route into the prospects in the area?Is there porous reservoir rock so that the oil or gas can be stored?Is there a sealing rock, so that the oil and gas can be trapped?The CRS map helps to answer these questions by combining a number of maps, surveys, charts and data analysis into one map and represents the probability of finding oil and gas in a particular geological layer or horizon.If the answers to all 3 questions mentioned are ”YES”, then the area is shown as green – a high likelihood of finding hydrocardonsIf one is negative, then the area is shown in orange – with a medium probabilty of hydrocardonsIf the answers to 2 or 3 questions are “NO”- then the area is red and has a low probability of containing oil or gas.Since the CRS show the probabilities of prospects in only one particular horizon or layer, it is necessary to purchase the CRS for all 3 layers so that you can determine which area within the licensing area contains the highest probability of containing oil and gas. So on the CRS maps shown here the area circled in black on the OilSim map and each of the CRS shows that the area in question is within the licensing area and is green on all three CRS layers, indicating high probability of oil and gas on all 3 layers within the same area or blocks. Potentially an area that requires further investigation for individual prospects.
Seismic surveys are made from sound waves that are sent into the subsurface, reflected, and measured when they get back to the surface.This slide shows an example of a real seismic line. It shows a cross-section of the subsurface with the blue and red lines indicating changes in velocity of the wave and therefore changes in geological structures in the subsurface.The black, red, and green lines are lines added as interpretation of the data by geologists.black lines are so-called faults, which have happened for instance after earth quakes or other dramatic geological events.green lines are where geologists think the reservoir rock beginsred lines are where the geologists think the sealing rock begins In this particular case there is a prospect indicated under the orange arrow, within the grey triangle.
Here the area between the reservoir and the sealant rock has been shaded in to show you whether you still have a seal at the fault or a gap where leakage could occur.
Your primary target is to find the limits of each prospects, not just plounge the drill string into the middle of each reservoir.Thus you shall drill into the periphery of each prospect, not in the middle.
When reviewing a farm-out offer you can either accept the amount or % the license owner requests, or amend the amounts to your own offer. Add a message to the seller explaining why they should choose your team and press “Send offer”
Financing – Is where a team is able to accept offers, and therefore receive money or “finance” for a % of their own blocks When a team receives a Farm-In offer it appears under financing on the right hand side of the homepage
All your farm-in offers to other teams are shown under “Investing” on the right-hand side of the homepage . This is where a team offers investments to other teams for a % of their blocksRemember you must have farmed-out 20% of your own block before you can drill.
Before you begin to drill you need to know the water depth so that you choose the right type of rig. You can find this information by clicking on your block and scrolling to the bottom of the screen where a map of the whole block’s water depths are shown. By scrolling over each cell you can see the water depth for each particular cell.
The next task is to choose which rig to use to drill the exploration well, but you will need to know how deep the water is in the area you wish to drill, so check out the water depths under your block information.There are three types of rigs: jack-up rigs for shallow waters, semi-submersible rigs for middle waters and drillships for the deepest waters. When choosing the rig ,, and.The rigs have different costs per day, and the drilling days depend on how deep you drill into the subsurface and which service providers you choose
In most cases there are fewer rigs than teams, so you need to be fast to get good and cheap rigs for your wells.When you order a rig you need to start using it within 20 minutes.If you do not use it within the 20 minutes, you will pay for 20 days of use.You can release a rig that you have ordered on the home page.The rig rates are dynamic, so that popular rigs tend to have increasing prices, while less popular rigs become cheaper.
To determine how long it will probably take to complete drilling, check out the “drilling Information” tab. The water depth is the distance from the water line to the seabed.Layer 3 is approximately 1500 meters below the seabed, layer 2 is 1000 meters further down, and layer 1 is 3500 meters below seabed.
Before you choose where to drill you should buy an Environmental Impact Assessment (EIA) survey to get more knowledge about the area. The benefit of an EIA survey is that you will be prepared for any environmental challenges you might encounter when drilling. With an EIA survey you will have lesser probability for drilling problems, and the extra costs will be less. Also, in the EIA survey you can see which drilling locations you should avoid. Some areas in your block are challenging to drill in. This can be because of strong currents, adverse conditions on the seabed or other local conditions. When you drill in those locations your costs go up 20%. You can see these locations in the EIA survey. You only have to buy one EIA survey for each license that you operate. You can find the EIA surveys under Surveys.
As this figure illustrates, you can drill through all three horizons in one well.You can even drill a deviated well, so that the position is not exactly the same in all horizons.The deviation can be 1 cell for each horizon.When we get to the drilling phase and we get to drill exploration wells, the wells can go through all three horizons.If you choose to drill to the bottom most horizon, whatever is in the horizons above will be discovered as well.Only one in five prospects actually contain oil or gas, so you will encounter a lot of dry prospects.Thus, it makes sense to look out for prospects that are on top of each other in the 2D seismic surveys, as this increases your chances in finding something.
Inputting estimated cost of drilling gives you knowledge points. You need to add all the costs of the rig and the service providers together and multiply this by the number of days you think it will take you to drill. The oil spill control is voluntary but costs 5% of the drilling amount per day but will earn you more knowledge points and cost you less to clear an oil spill if it happens.
When you have discovered a field the first decision you need to make is whether you want more information about that field right away and BEFORE you drill another exploration well.You can get more information by doing a production test, which is a process in which you try to produce oil or gas from the field.In OilSim production tests take 10 days per oil and gas field and you use the same providers as before.
However, if you can get the proven volume up, the block might become economically viable.This is done through production testing, and appraisal wellsWhen you have drilled the first well, you only have a small sample of the new-found oil or gas field. This is evident by the wide ranges of the area, thickness, quality, and volume variables. These wide ranges tell you that you actually do not know much about the field.After drilling and testing, your next step therefore is to drill another well – and test it. This is called an appraisal well.Normally it takes at least three or four wells into a field before the license block becomes economically viable.Sometimes it takes much more, and therefore you should not give up if the first wells into a field do not give any license value.However, you should give up if the upper boundaries of the field become so low that there is no chance that it becomes economically viable. This is often the case in deep-water blocks, where the CAPEX are very high.